Monday, March 23, 2009
Saturday, March 21, 2009
The good performance, stability, unique styling and attractiveness of Silhouette 760 will have great appeal to both the discerning private owner and charter yacht operator alike.
Saturday, March 14, 2009
Sooner or later,, it is a three year cycle!!!
Every one who has something to sell generally hopes that they can get the best price on the market for what they have. I have watched all too often sellers approach selling having not taken the best steps forward to bring them a quick and efficient, best price, sale.
The first tip is to get an anticipated value for what you have to sell and be realistic. I can do that for you and it will not cost anything. I use the same tools as we use to establish trade in values. Sources include BUC, NADA, Multi-Listed asking prices, soldboats.com, (a broker only site) and if you are selling a catamaran our data-base of sold yachts. At least as far as catamarans, though there has been some impact due to the economy, we have had the luxury of not experiencing huge de-valuations of selling prices.
Once you have the number, sit back and think about whether are willing to accept the value. Listing and or trying to sell and over-priced item really just frustrates everyone. Remember, that some brokers will accept over-priced listings simply to add another opportunity to their “bag of tricks”.
Cosmetics, Location and Condition: Okay, you have passed that emotional decision to put what you have on the market. There is a whole industry within the Real Estate market of staging property for a more effective and profitable sale. Staging relative to yachts can best be described and first, place her in a location that is a marine center for what you have to sell. Catamarans can be best served in areas such as
Equipment Representation: Most equipment lists will finally become the working document for survey and conveyance at time of closing. So if you list an item please make sure that it works. If you note a bimini top that is not the one sitting in the garage with the holes in it, on a broken frame. If you have items that need service and or replacement fix it! Remove out of date equipment, that old Loran C is a liability. Bring safety gear up to spec. Out of date flares just becomes another note in a surveyors report. Do not over do it though, it may simply be better to remove than spend money. Dinghy’s, if it has a motor most states anymore consider it a boat and registration papers are required. No paper? Do not list it. Here is another one, today most surveyors are recommending an oil analysis, change all motor fluids, you do not want a surveyor sucking up some sludge from your motors and sending it off to have a buyer receive a nasty report of all sorts of stuff in the oil.
Cat Check, Boat Check: Today I can offer for our listings a service called Cat Check. This is a preliminary third party survey accomplished by a surveyor for the purposes of validating the vessel. You are presenting a third party opinion. By attaching this to the marketing it provides a great opportunity for buyers to elevate their confidence level in further pursuing any particular listing. If you wish there are other services that can provide this function, Boat Chek is a good source.
Find a good Broker: Now, from my stand point that would be me! If you are following my tips you will find that I can provide you with the best representation in today’s market. The Catamaran Company has the absolute best marketing machine to present your yacht to more potential buyers than anyone in the world. I am a bit selective in that I prefer to represent seller’s who are interested in selling their yachts, not testing the market. If you are selling a item that is too far away or not in our product mix, I would still be happy to discuss a strategy
I hope this has been helpful for some. It is not a complete guide of all that one needs to prepare for when selling. There is paperwork considerations relative to title transfer, contract negotiations, surveys and sea trials. I am looking for a few good listings and more than willing to discuss selling with all interested. Feel free to contact me most any time 954-821-6450
Thursday, March 12, 2009
Monday, March 9, 2009
March 9, 2009 Nick Harvey of Lagoon America updated me as to the new release of the Lagoon 400 due to splash by mid-summer. I really have to say that this new model is impressive. Here is a brief summary of what I picked up on as truly great new design.
· Extended and more handrails for safe movement onto and around the deck.
· Easy transom access by inside cut-aways built into the transom, along with
· Integrated cockpit hardtop, with just a number of great features to include access to the helm from inside the cockpit, all lines lead to the helm, a great walk-around via the transom deck, a wonderful cockpit arrangement to include a very functional seating to starboard with a true wet-bar, seating to port which can be seating as well as storage if you wish.
· The ability to fit the new square top mainsail adding an additional 8% of area increasing performance overall by 15%
· Inside? A very workable, modern galley, with a built in stove up and proper room for microwave. Increased galley space to include a well for dishes to dry with a built in drain.
· A forward facing navigation station capable of handling state of the art electronics.
· Now each cabin has it’s own head and shower, with considerable storage and comfortable quarters. Room for the washer/dryer and what owners are looking for in amenities.
There is so much to tell about this story, I would be happy to discuss further the details, feel free to call or write to further discuss.
I can tell you that at a base price of $365,000, she is very competitively priced and for those who are ready to go!! There may be a hull or two available at the original promotional release of $349,000.. By the way all photos are credited to: "Lagoon Photo Library - Nicolas Claris".
And as always, you can find me at www.catamaransja.com
Friday, March 6, 2009
There is no simple checklist of things to do and avoid in the purchase of a yacht. The intended use of the boat and the financial circumstances of the buyer are the main guidelines but many variables will still be involved. As in everything else, planning is very important. Unfortunately, however, the excitement of a new toy and the sales pressure of brokers often prevents a buyer from a careful analysis of the options. The following is only a general guideline of the various steps involved before and after the purchase of a yacht. For specific advice, it is recommended that a purchaser choose a qualified, licensed yacht broker who may suggest the consultation of a attorney and a accountant familiar with yacht ownership given your current parameters of purchase.
The first thing a potential yacht owner should do is to decide the type and size of boat he can afford and will be comfortable with. While this concept may seem obvious, it actually cannot be stressed enough. The choice of boat should be determined by the specific needs and intended use (racing, casual cruising, extended cruising, investment, charter, tax shelter, second home, liveaboard, etc.). The prospective purchaser should know exactly what he wants to do with the vessel he is purchasing. Not only is a certain type of yacht unsuitable for certain uses but the legal, financial, insurance and other requirements may be different. Certain yachts are difficult or impossible to insure as are certain skippers without experience or with negative information on their records. Certain vessels may not be insured for certain voyages. If co-ownership is considered, the time to plan for it is before purchasing the yacht.
A sales contract is not a step to be bypassed, particularly where the yacht is an expensive one. Many things must be covered in a sales agreement. Among the various issues, you must make sure that you have the right to get the boat surveyed. If purchasing an old boat you may decide to accept certain defects and not others. A clause for post survey negotiations should be included. You should know exactly which equipment is included. You may want to make the sale subject to financing. In some cases, when selling one boat and buying another you may want to make the purchase subject to the sale of your other boat. Other items to be covered in a contract are the hull or identification number; place of delivery of the boat; terms of payment; liability for loss before and after delivery.
Financing the boat has consequences that go well beyond the avoidance of cash outlays. Tax laws allow for the deduction of interest on certain loans. In many cases, interest on a loan on a yacht that can be used as a second home (or first home for that matter) may be tax deductible. Again, certain boats qualify as "second homes" while others, usually very small ones, do not. Financing a boat also means complying with the many requirements of a lender. For example, a lender may require that a yacht be kept at a marina and be covered by hull insurance. But someone with a free mooring contemplating the purchase of an old boat may not be interested in complying with the requirements of a lender if such requirements would make yacht maintenance unreasonably expensive. For a more detailed discussion of ship mortgages, please refer to the chapter on the purchase and sale of vessels.
United States law offers two types of vessel identification: registration and documentation. The difference between state registration and Coast Guard documentation is meaningful only for certain uses of a yacht. Federal documentation makes sense for those traveling overseas and in international waters because it carries more weight than state registration. It also simplifies matters for those who use the boat in two or more different states for several months at the time. Further, most lending institutions require Federal Documentation as that place to attach a first preferred mortgage. Insurance carriers often require documentation for large yachts. Federal documentation, however, does not relieve the owner of the sales tax liability in the state where the yacht is used. The procedure to document a vessel, although recently streamlined, still presents much more paperwork than state registration. Documentation Agents and Attorneys provide services for this purpose at flat fees depending on the complexity of ownership. Owners of larger yachts may find that "flagging" a vessel offshore may have overall advantages that these agents and or attorneys are "schooled" in advisement. The purchase of a yacht presents a complication which is not encountered in real estate and automobile acquisitions. In that yachts are globally mobile having the right team on your side during the purchase process is paramount. A qualified yacht broker, as a service, should have the ability to provide that team, from finance, insurance, to surveyors and documentation services to make for a smooth and professional transition to your ownership.
Vessel insurance refers to two types of coverage: hull and indemnity. In other words, one covers the value of the yacht and the other the liability of the owner. The difference between "boat insurance" and "yacht insurance" is that in yacht insurance you get what is known as "agreed value". In case of loss, no depreciation is taken. Virtually all new vessels carry insurance while many older boats do not. As some skippers put it, "it's a better investment to put the premium money in an extra anchor". Insurance options are almost unlimited. Certain boats are uninsurable as are certain blue water passages or certain destinations. In the end, where the purchaser obtains free title to a yacht, it will be his call to determine what type of insurance, if any, is appropriate.
Most insurance companies require a survey. A survey is also a good way to locate potential problems. Not all surveyors are alike, however. Check the references of the marine surveyor, such as accreditation by SAMS or other organizations. One thing to keep in mind is that accreditation by a surveyors' organization does not provide any guarantees. In the event of mistakes by a surveyor which lead to the purchase of a defective vessel, the only real comfort will be an error and omissions policy covering the surveyor. Also, remember that surveyors have specialties such as rigging, fiberglass hulls, aluminum hulls, power or sail, etc.
If the plan is to charter out the yacht, appropriate arrangements should be made and a business plan should be prepared. Most charter companies, for example, do not take older or small boats into their fleets. This information should be on hand before a yacht is purchased. The financial and tax consequences of placing a yacht into charter service can also be significant. An accountant should be retained prior to making a final decision. Not every accountant maintains an expertise in this facet of the tax law. When choosing your Yacht Broker, clarify that he has these resources on his team.
As in the case of a charter, sharing the yacht is a decision which will seriously affect the use of the yacht. Along with the sharing of expenses, a sharing arrangement also calls for the assignment of rights and duties of the co-owners. Finding a partner for the ownership of a yacht is akin to finding a roommate. There is no substitute for the search of a compatible person with a compatible schedule and needs. But certain rules should be in writing in the form a co-ownership agreement. The agreement should spell out how and where the yacht is to be kept and used, how it will be financed and insured, who will provide the maintenance, who and when will use it, a conflict resolution clause and other items.
Buying a yacht should be a positive experience. Having the right team ensures the best results. We here at JGA Yachting can provide that team! Call 954-821-6450 Email email@example.com
As always, you can find me most anytime www.catamaransja.com
Monday, March 2, 2009
In market places where custom yachts have become more prevalent whether partial construction, new construction of existing design or “from the drawing board” new construction, it becomes very important that the management of such a purchase requires the skills of professionals who understand the aspects of that purchase. A buyer is best served by hiring that service rather than have it buried in the cost of the product as a commission and or fee.
Some previously owned purchases may better be served under the same philosophy as well, depending on the circumstances. There are more and more occasions where a buyer may have found a yacht they maybe interested in purchasing, but would prefer to hire a buyer’s agent rather than recognize that a commission is simply being paid by a seller, or possibly where there is no broker’s representation a buyer may prefer the service rather than try and complete the transaction without council and advisement.
Each potential transaction will dictate the specific services rendered, therefore the percentage agency fees may vary. Services can include but are not exclusive to:
Organization of Design Review, Coordinating and Advisement in Specification Review
Verification of Equipment List and Review Decision of the Classification Society
Terms of Repairs
Definition of Payment Schedules
Coordination of Performance Trials
Expediting Delivery Time
Verification of Delivery Documents
Coordination of Delivery
Advisement of after Delivery Management, Charter Management and Crew Placement
Advisement in Charter Marketing and Contract Review
A buyer’s agent has the responsibility to coordinate, advise, and represent the buyer during the purchasing process to the closing. Whether a project is large or small, a program can be tailored to meet your needs. Independent consultative services in specific areas can be quoted separately.
As always you can find me most anytime at www.catamaransja.com